Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) announced that it has received a three-year exploration permit from the Ontario Ministry of Mines covering the down plunge extension to the south-east of the Escape deposit at its Thunder Bay North critical minerals project in Ontario.
The company said the permit also includes proposed work to continue testing the Current deposit’s chonolith down plunge, continued exploration of untested magnetotelluric anomalies associated with emplacement controlling structures of the Escape and Quetico faults, and enables it to undertake infill drilling for conversion of inferred to indicated mineral resources as required in both the Escape and Current deposits.
"Approval of the three-year early exploration permit which covers the two resource areas and the down plunge potential on both mineralized intrusions provides the company the opportunity to continue expanding the mineral resource with future exploration programs,” Clean Air Metals vice president exploration Geoff Heggie said in a statement.
The company also reiterated that the Strategic Alternatives process it proposed in October 2023 is in progress and that it does not have any updates to share on this process until early in the new year.
Clean Air Metals CEO Jim Gallagher said that the company has recognized the difficult situation of the Canadian junior mining market amid multi-year low prices for critical minerals and has acted proactively.
“In June 2023, we reduced staff, deferred exploration drilling until early 2024 at a minimum and cut back on attendance at investor conferences and other investor outreach programs,” he said.
The CEO reiterated that the company is committed to managing its cash, $7 million as of the end of October 2023, it has no debt, and it is taking further steps to reduce its costs.
He highlighted that Clean Air Metals’ Thunder Bay critical minerals project was a rare platinum and palladium asset located outside South Africa and Russia in a stable jurisdiction close to necessary infrastructure.
Clean Air Metals’ flagship asset is the 100% owned, high-grade Thunder Bay North critical minerals project, a platinum, palladium, copper, and nickel project located near the City of Thunder Bay, Ontario, and the Lac des Iles Mine owned by Impala Platinum.
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